Founded in 2018, Babel Finance established itself as a leading global crypto financial institution serving a select clientele of institutions and high-net-worth individuals. Its core services included crypto lending and borrowing, asset management, and prime financing. The company grew rapidly, raising $80 million in a Series B funding round in May 2022, achieving a $2 billion valuation. However, in June 2022, following extreme market volatility, the company froze client withdrawals and subsequently filed for a moratorium on creditor claims in Singapore after revealing significant trading losses. It is currently in the process of a major corporate restructuring.